Understanding Arizona Foreclosure Laws

According to RealtyTrac, Arizona foreclosure notifications during November of 2010 reached a staggering number of 1 foreclosure for every 262 homes. What is even more frightening is that not everyone has an understanding about Arizona foreclosure laws. Foreclosure laws are put in place to not only help protect lenders, but they are there to help protect consumers as well.

Article 33, Chapters 6, 6.1 of Arizona Revised Statutes is where foreclosure rules and regulations may be found. Consumers who are facing foreclosure can find valuable information contained in these statutes that can help them make decisions to protect their rights.

Foreclosure legal help

It is not uncommon for someone who is facing foreclosure to seek legal assistance. This is probably a solid plan for many. A homeowner who is uncertain as to what their rights might be would be well advised to contact an attorney and ask for guidance. It is helpful if the homeowner has a copy of their mortgage documents available when they speak with an attorney.

Do not ignore foreclosure notices

As tempting as it may be to hide from a foreclosure notice, this is not advisable. A homeowner knows when they are falling behind on their mortgage and in some cases, they try to avoid dealing with it. This is not a good decision; reaching out to a mortgage company as soon as you know that you are going to have a problem is a better decision, oftentimes lenders will be willing to work with a homeowner to make sure that it does not come down to facing foreclosure.

Arizona foreclosure processes

Arizona foreclosure laws require lenders to provide very specific notifications to the homeowner. The foreclosure process in Arizona is a non-judicial process which means that the loan documents should contain specific clauses that allow the lender to proceed to the foreclosure process. However, this does not waive the rights of the homeowner to have specific notifications provided to them via the lender.

Arizona foreclosure notifications

• Lenders are required to file a notice of sale in newspapers which are distributed within the community where the property is located. This must be done for four consecutive weeks prior to the date of the sale;
• Lenders must also post a notice of sale at the property to be foreclosed within twenty days of of the sale;
• The foreclosure must be recorded at the appropriate official office; some counties require courthouse filing while others require filing with a Registrar of Deeds.

The foreclosure process in Arizona can be very confusing. It may take as much as 120 days to complete a foreclosure even if the homeowner does not contest the foreclosure. If the homeowner does fight the foreclosure, the process can take substantially more time.